CNYA

CNYA offers exposure to a basket of Chinese A-share equities that is expected to become more inclusive over time. The fund is designed to reflect the A-shares included in the MSCI Emerging Markets Index, tracked by sibling fund EEM. MSCI added A-shares to the total-market EM index in 2018, but initially included only large-cap firms available through the Shanghai or Shenzhen Connect programs. Both CNYA and the parent index are expected to evolve over time to represent a more comprehensive exposure to China A securities. CNYA is market-cap-weighted based on the offshore Renminbi exchange rate, and accounts for quotas on foreign ownership. Like any A-share fund, it excludes firms that list in Hong Kong or New York. KraneShares' KBA tracks the same MSCI index, while SSGA's XINA tracks the IMI index variant, which includes a sizeable chunk of small-caps. Prior to April 19, 2018, the fund tracked the MSCI China A International Index.